Adding Money Laundering to Fraud Detection

BANKDetect, a technology company with a line of products designed to track bank risk, has expanded its system to include identifying money laundering and other suspicious activities connected to terrorism.

The original product uses an array of analysis modules - from pattern detection to trend analysis to individual transaction assessment - to analyze bank transactions for possible risks related to fraud and compliance issues. It has the ability to detect more than a trillion different combinations of risks in a single transaction. The expanded version can also analyze for possible activity by terrorist groups, such as laundering and other forms of bank fraud linked to sleeper cells. Banks can set up the system to perform simultaneous compliance analysis and loss prevention screening or set up two separate systems focused on each problem.

Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 9, 11/04